Sold company to pay off secured and unsecured creditors, avoiding bankruptcy
The Company: A limousine company
The Issue: Company could not support its debt burden
The Work:
- Appointed as CRO to create and execute business plan to enable company to pay its secured creditors
- Streamlined operations, restructured sales team, and hired an outside company for business development
- Turned around the company from successive losses to profitability within 14 months
- Initiated a sales process, evaluated several offers, negotiated and closed a sale
- The acquirer provided an employment agreement to former owner
- Secured and unsecured creditors were paid in full
